Mapo-gu Special Credit Guarantee Support Fund of 25 Billion Won Nears Early Closure

Up to 50 Million KRW Support with 3% Interest and No Collateral for Local Small Businesses and Entrepreneurs
Park Gang-su, Mayor of Mapo-gu, "We Will Be a Strong Supporter for Small Businesses and Entrepreneurs with Practical Support Measures"

Mapo-gu (Mayor Park Kang-su) is expected to conclude early its financial support program, the "Special Credit Guarantee Project," designed to assist small businesses and small merchants struggling with management difficulties due to the economic downturn.

In January last year, Mapo-gu signed a tripartite business agreement with Woori Bank and the Credit Guarantee Foundation to provide a total of 100 billion KRW over four years to small businesses and small merchants in the region, implementing an annual Special Credit Guarantee Project worth 25 billion KRW.

According to Mapo-gu, the Special Credit Guarantee, which closed early last year due to high demand, is also being depleted faster than expected this year.

Businesses located in Mapo-gu can use up to 50 million KRW without collateral for five years at an annual interest rate in the 3% range (3-month CD variable rate), regardless of industry. However, industries restricted from loan support, such as entertainment bars and gambling facilities, are excluded.

Applicants wishing to apply must visit the Mapo-gu Office reception with their ID card, a copy of their business registration certificate, and a value-added tax standard certificate. More detailed information about the Special Credit Guarantee can be found on the Mapo-gu Office website.

Park Kang-su, Mayor of Mapo-gu, said, "I hope the Special Credit Guarantee will ease the financial worries of small businesses and small merchants and serve as an opportunity to revitalize the local economy." He added, "Mapo-gu will continue to strive to prepare practical support measures to be a reliable ally for small merchants and small businesses."

Meanwhile, from March to May, Mapo-gu operated a "Visiting Special Credit Guarantee On-site Reception" in all 16 neighborhoods to facilitate convenience for small businesses and small merchants in the area, receiving enthusiastic reviews.